Downside deviation benchmarking — How we measure on downside volatility

Minerva India Under-served aims to capitalize upon overly generalized and inherently flawed prevalent beliefs around institutionally under-owned/orphaned part of listed securities in India.

Indian listed securities (and even associated fund strategies) typically exhibit materially higher volatility during negative months vs. volatility during positive months. That isn’t the case with us though. The attached exhibit charts our negative months, vs. BSE Smallcap and BSE Midcap. Not only has our volatility been about equal in up and down months, more importantly, our volatility in negative months is about in line with our far larger Indian Midcap peers. While Minerva India Under-served has typically focused on institutionally under-owned/orphaned situations (which in fact are even smaller vs. headline smallcaps) for 12+ years, we have nonetheless thoroughly debunked the myth that investing in this part of listed India needs to come with elevated volatility.

Reach out to Shrey Gupta or Sourav Dutta to request detailed volatility comparisons.